German Asia-Pacific Business Association (OAV) Exploring cooperation for stabilizing growth through shipbuilding & other sectors.

Chittagong, 29 October, 2009: A 15-member German business delegation comprising of Representatives from shipbuilding, design, engineering, energy, IT sector etc, are on a six day visit to Bangladesh since 25 October 2009. The delegation while attending a Seminar during its visit to the country’s leading shipyard “Western Marine Shipyard” on 29 October 2009 opined that, they see huge potentiality of Bangladesh to grow as a significant shipbuilding nation.

With global financial crunch behind us and as the world economy is showing signs of recovery – there is every reason for both the buyers & the builders to hope for a better future. The discussants expressed that shipbuilding sector can be Bangladesh’s next flagship industry after RMG with potentials to earn billions of dollars. Although Asia appears to be recovering from the global recession faster than the west – during the discussion it was also pointed out that the regions continued economic progress will largely depend upon the governments new policies for a post crisis world including a shift in focus- from the quality to the quantity of the growth. The current global recession is an important wake- up call. Better balance, stability coordination, sustainability and integration are some of the attributes that government should take into consideration.

Bangladesh with a population of over 140 million offers an attractive destination for foreign investors with its pool of educated, qualified, skilled, semi-skilled, low cost, easily trainable and ingenious labor force. Endowed with natural resources like – gas, coal, huge water bodies and fertile soil, as well as established and budding entrepreneur class. With the completion of Asian Highway & Bangladesh – Myanmar Highway- this country is destined to become the gateway between South-Asia and South-East Asia – remarked the chairman of Western Marine Shipyard, Mr. Saiful Islam.

Germany had always been the most consistent friendly nation – and has been operating with long-term perspective including transfer of technology, value addition to its local business partners, said Peter Clasen, head of the visiting delegation of German Asia-Pacific Business Association (OVA).

The Government of Bangladesh in order to attract foreign investment, have progressively liberalized its macro-economic policies and opened almost all sectors of the economy, including energy, telecom, IT, ports, infrastructure to Foreign Direct Investment (FDI). It has also extended a unique package of incentives & facilities to FDI including floating rate of exchange and guaranteed repatriation of capital & profit by legislation.

We welcome our German friends & partners to exploit these emerging opportunities – said Mr. Abdul Mobin, the Technical Director of western Marine Services in his address.